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Coinbase Document Reveals Bitcoin, Ethereum And Tether Bombshell Amid Fresh Crypto Price

Coinbase Document Reveals Bitcoin, Ethereum And Tether Bombshell Amid Fresh Crypto Price
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Bitcoin
BTC
, ethereum and other major cryptocurrencies have suffered an almighty crash in recent months—sparking a serious Coinbase warning.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market

The bitcoin price has crashed under $20,000 per bitcoin while ethereum has dropped to around $1,000 per ether—each losing more than 70% from their all-time highs.

Now, as some bullish investors speculate the worst of the crypto price crash could have already happened, documents have revealed major crypto exchange Coinbase
COIN
could be selling user data to the U.S. Immigrations and Customs Enforcement (ICE) agency.

Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious


MORE FROM FORBESSerious Coinbase ‘Sell’ Warning Triggers Sudden Price Crash As Bitcoin And Ethereum DiveBy Billy Bambrough

Coinbase has struggled to maintain revenue and users amid the bitcoin, ethereum and crypto price … [+] crash.

Getty Images

Coinbase’s analytics program, Coinbase Tracer, provides ICE with user data, including “historical geo-tracking data” and transaction history, according to a document obtained by watchdog group Tech Inquiry and first reported by The Intercept.

The ICE contract is part of a deal Coinbase signed last summer with U.S. government agencies and the document suggests Coinbase Tracer can track data related to bitcoin, ethereum, the stablecoin tether and other cryptocurrencies, as well as all tokens on the ethereum network—known as ERC-20 tokens.

The Coinbase Tracer software, which analyses millions of blockchain-based transactions, can also perform “transaction demixing, and “shielded transaction analysis.” Coinbase markets the software as a way to “investigate illicit activities including money laundering and terrorist financing” and suggests Tracer can “link activities to real-world entities.”

However, Coinbase denied that the information provided by the analytics software is the exchange’s customer data.

“We want to make this incredibly clear: Coinbase does not sell proprietary customer data,” the crypto exchange posted to Twitter.

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MORE FROM FORBES‘Heading To Zero’-China Issues Shock Bitcoin Price Warning Amid Huge $2 Trillion Crypto CrashBy Billy Bambrough

The bitcoin price has dropped under the psychological $20,000 per bitcoin level, dragging down … [+] ethereum and other major cryptocurrencies—as well as the Coinbase share price.

Forbes Digital Assets

“Our first concern has been and always will be providing the safest and most secure crypto experience to our users. Our Coinbase Tracer tools are designed to support compliance and help investigate financial crimes like money laundering and terrorist financing. Coinbase Tracer sources its information from public sources and does not make use of Coinbase user data. Ever.”

Coinbase stock has crashed dramatically over the last year as the company battles falling bitcoin, ethereum and cryptocurrency prices, regulatory headwinds and the collapse of major coins.

Last month, analysts at Wall Street giant Goldman Sachs downgraded Coinbase to “sell”—warning the company could be on track for “further degradation” even after a devastating 80% price crash.





Read More:Coinbase Document Reveals Bitcoin, Ethereum And Tether Bombshell Amid Fresh Crypto Price

Tags: Bitcoinbitcoin priceBombshellCoinbasecryptodocumentEthereumethereum pricefreshpriceRevealsTether
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